Key facts
- Americans are moving less across all income groups, generations, and move types.
- Midwest metropolitan areas are leading domestic population growth.
- Homeowners are increasingly using home equity lines of credit (HELOCs) for renovations.
- Spending around moves has increased, with a shift towards services and online purchases.
- HELOC utilization rates are above their 2014-2019 average, supporting renovation activity.
Americans are moving less, with mobility declining across all income groups, generations, and move types, according to a new report from the Bank of America Institute. The slowdown is most pronounced for lower-income households, though higher-income customers are also moving less than a year ago. Gen Z is the only cohort showing more movers than two years prior, but its activity has softened recently.
Despite fewer moves, spending around relocation is increasing, with total card spending for movers up 9.5% year over year. However, this spending is shifting towards services and online purchases rather than traditional furniture and home improvement retailers. The report suggests this reflects a preference for convenience and services among younger and higher-income movers.
The Midwest continues to lead domestic population growth, with several metro areas in the region showing significant gains. Southern metros like Raleigh and Birmingham also maintained solid growth, while populations declined in most of the largest U.S. metros, with notable exceptions in Dallas, Phoenix, and Philadelphia. Florida's population outflow pattern is stabilizing.
Homeowners are increasingly leveraging home equity lines of credit (HELOCs) to finance renovations, with utilization rates now above their pre-pandemic average. This trend supports ongoing renovation activity, providing an alternative to purchase originations or relocation-driven listings for lenders and contractors.